Business Law Chapter 1

Question 1

Common Law

Answer 1

all the rules and principles currently existing in any state, regardless of their historical origin, that result from judicial decisions in those areas of law where legislatures have not enacted comprehensive statutes. Often referred to as case law, judge-made law, or unwritten law. Sometimes referred to to an entire legal system that prevails in countries having had an early English presence,

Question 2

Statutory Law

Answer 2

Generally used to refer to the state and federal statutes in effect at a given time– that is rules that have been formally adopted by legislative bodies rather than by courts.

Question 3

Civil Laws

Answer 3

Laws that spell out the rights and duties existing among individuals, business firms.
and sometimes government agencies.

Only needs to be proven by the “preponderance of evidence”

Question 4

Damages

Answer 4

-a sum of money roughly equivalent to the loss that he or she has suffered as a result of the defendant’s wrong.

Question 5

Injunction

Answer 5

a court degree ordering the defendant to do or not to do something in particular.

Question 6

Criminal law

Answer 6

Brought by the government against an individual, or corporation. Criminal action is necessary that the case be proved beyond reasonable doubt.

Question 7

“Beyond a reasonable doubt”

Answer 7

In order to be convicted of a criminal offense, the government’s case must be proved to this point.

Question 8

“Preponderance of Evidence”

Answer 8

proof requirement for civil case

Question 9

Requisites of a Legal System

Answer 9

Must be

1. ) Relatively certain
2. ) Relatively flexible
3. ) Known or Knowable
4. ) Apparently Reasonable

Question 10

Certainty

Answer 10

One essential element of a stable society is reasonable certainty about its laws, not only at given moment but over long periods of time.

Question 11

Flexibility

Answer 11

Must allow for changes that must be resolved without undue delay. “the law like the traveler, must be ready for the morrow”

Question 12

Knowability

Answer 12

One of the basic assumptions underlying a democracy is that the majority of its citizens are going to obey its laws voluntarily. It is necessary for persons who need legal advice to have access to experts on the rules–lawyers.

Question 13

Reasonableness

Answer 13

Rules have to appear reasonable to the great majority of people or the are not going to be obeyed for long.

Question 14

Public Laws

Answer 14

Laws against the state “wrongs against the state”

Question 15

Private Laws

Answer 15

Laws that are primarily concerned with the creation and enforcement of the rights of one individual against another.

Question 16

Summary Judgment

Answer 16

Summary Judgment is appropriately granted if the evidence in the case so clearly indicates that factually one side or the other is entitle to prevail and that a tiral would be a waste of time. Only if the judge can approve that there is “no genuine issue of material fact” should a summary judgment be granted.